Two-Unit Residential Income
For Sale
$295,000
Pending
3401 West Rogers Avenue, Baltimore, MD 21215
Two separate residential units provide flexible occupancy and rental arrangements in Baltimore City.
Property Size1,884 SF
Days on Market97
Property Features for 3401 West Rogers Avenue
General Information
Standard status
Pending
Size
1,884 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
R-4
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,900
Amenities
No
Carbon Monoxide Detector(s), Smoke Detector
No Pool
Deck(s)
Building Details
Year Built
1926
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Michael L Bailey · License #652591
(301) 363-2840
Source:
Compass
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 24 at 12:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This two-unit residential income property features two separate living arrangements under one ownership. The first unit is a single-level apartment-style home with three bedrooms and one full bathroom. The second unit is a bi-level residence offering four bedrooms and one full bathroom, with living space spread across two levels. Across both units, the property provides a total of seven bedrooms for tenants and occupants seeking multiple configurations.
Located in Baltimore City, the property is in-city limits and set at 3401 West Rogers Avenue in the northwest portion of the city. Public transportation is within a short distance, with a bus stop less than one mile away. The listing also notes proximity to local amenities, including shopping, dining, parks, and commuter routes.
The property’s two distinct units make it well-suited for investors looking for separate rental spaces, as well as for owner-occupants who may prefer living in one unit while renting the other. With the unit mix offering both single-level and bi-level layouts, it can also appeal to households that want additional space for flexible living arrangements.
Located in Baltimore City, the property is in-city limits and set at 3401 West Rogers Avenue in the northwest portion of the city. Public transportation is within a short distance, with a bus stop less than one mile away. The listing also notes proximity to local amenities, including shopping, dining, parks, and commuter routes.
The property’s two distinct units make it well-suited for investors looking for separate rental spaces, as well as for owner-occupants who may prefer living in one unit while renting the other. With the unit mix offering both single-level and bi-level layouts, it can also appeal to households that want additional space for flexible living arrangements.
Key Highlights
- Two‑unit residential property in Baltimore City (in city limits) with flexible occupancy and rental arrangements
- Unit 1: single‑level apartment‑style home with 3 bedrooms and 1 full bathroom
- Unit 2: bi‑level residence with 4 bedrooms and 1 full bathroom across two levels
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,326
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$486,520
$486.5K
Cap Rate 7%
$347,514
$347.5K
Cap Rate 9%
$270,289
$270.3K
Market Conditions
NOI Build-Up for 1,884 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.3K $19.80/SF
− Vacancy
−$2.6K −$1.35/SF
EGI
$34.8K $18.45/SF
− OpEx
−$10.4K −$5.53/SF
NOI
$24.3K $12.91/SF
Area
ZIP 21215
Vacancy
6.84%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$486,520
Cap Rate 7%
$347,514
Cap Rate 9%
$270,289
Alternative Uses
Best Use
Multifamily LT 5
$347.5K
$304.1K – $405.4K
NOI $24,326 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$319.8K
$279.8K – $373.1K
NOI $22,386 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$449.2K
$393.0K – $524.0K
NOI $31,441 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 21215, MD
54,198
Population
24,876
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
84%
High-School Grad
6.8 sq mi
ZIP Area
7,970
Density / Sq Mi
$47,606
Median Household Income
$37,670
Median Earnings
$1,177
Median Rent
$189,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residential units provide flexible occupancy and rental arrangements in Baltimore City.
Where is this duplex located?
The property is located at 3401 West Rogers Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit residential property in Baltimore City (in city limits) with flexible occupancy and rental arrangements; Unit 1: single‑level apartment‑style home with 3 bedrooms and 1 full bathroom; Unit 2: bi‑level residence with 4 bedrooms and 1 full bathroom across two levels
